Darroch admitted that “profit growth was held back” in the most recent quarter, partly because of the cost of September’s Ryder Cup golf, which happens only once every two years. But he pointed out that the golf coverage drew in a record audience of 4.8 million.

Rising costs such as the £2.3 billion Premier League football rights deal meant Sky might need to limit its spending elsewhere.

Operating profits rose 5% in the quarter against a 16% rise a year earlier.

On a pre-tax basis, profit was £288 million against £307 million in 2011, when Sky received a one-off payment from News Corporation after its failed takeover move.

There were further signs of Sky feeling the squeeze: advertising tumbled 10% as viewers watched the Olympics on the BBC and the economy failed to sparkle.

“It’s a bit harder to attract new subscribers,” Darroch said, as Sky added only 20,000 TV customers. But it managed to sell 533,000 products to its 10.6 million customers, including 102,000 taking broadband and 125,000 signing up for high-definition.